Invest Seoul has successfully concluded a roadshow, "Seoul Forward-Your Next Business Destination," aimed at attracting global companies to establish their presence in Seoul, in collaboration with the city of Seoul and key hub cities in Asia such as Hong Kong and Singapore.
The event, held on November 14, 2023, saw participation from 88 companies interested in entering the Seoul market and 130 individuals, including representatives from Enterprise Singapore, a collaborative partner.
During the roadshow, three companies from Invest Seoul and Singapore signed memoranda of understanding (MOUs) to facilitate their entry into the Seoul market. The companies involved in the MOUs are SkyArk Chronicles Holdings Pte Ltd, Mioying Financial Technology (HK) Ltd, and Virtual TKD PTE LTD (VTKD). The agreements aim to enhance mutual information sharing and cooperation, contributing to the activation of foreign investment in Seoul through the establishment of corporate entities.
Additionally, the event featured promotions showcasing Seoul as a financial hub and provided an introduction to the investment environment in the city.
Professor Roh Sung-jong from Singapore Management University explained Seoul's business environment and innovation, emphasizing the necessity for overseas companies to establish a presence in Seoul.
Andre Chong, Vice-President of JustCo, shared insights into the business experiences of companies that have already entered the Seoul market.
Invest Seoul Center Director Gu Bon-hi introduced the business environment of Seoul, highlighted the Seoul cluster, and provided an overview of Invest Seoul. He also guided the companies looking to enter Seoul through Foreign Direct Investment (FDI) comprehensive support, including the FDI All-in-One Package and incentives offered by the city of Seoul.
Furthermore, during the corporate entry seminar, there was a dedicated session to provide essential information for companies looking to establish themselves in Seoul. In the legal domain, Attorney Cho Bong-sang from the law firm Sejong provided guidance on the procedures and relevant legal regulations for foreign direct investment, as well as the required documentation. In the field of accounting, Accountant Song Chi-wook from Hyesung Accounting Corporation presented on the tax system, corporate income taxes, and the calculation structure.
Finally, specialized 1:1 expert consultations in legal, accounting, and foreign exchange necessary for entering Seoul were provided.
A total of 21 companies received 24 sessions of 1:1 expert consultations.
Based on the insights gained from the Singapore roadshow, Invest Seoul plans to offer online consultations between experts and companies, addressing additional consulting demands. They will support foreign direct investment for companies that have signed MOUs and encourage market entry applications and Seoul expansion for companies that have submitted Letters of Intent (LOIs). Invest Seoul aims to concentrate on more proactive promotion and aggressive attraction activities to facilitate the entry of global companies situated in key Asian cities into Seoul.
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